Blue Federal Credit Union Review 2024 (2024)

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Business Insider's personal finance team compared Blue Federal Credit union to the best credit unions and found it to have standard offerings.

Its strongest account is the NOVA Perks™ by Blue Checking Account, which offers perks like roadside assistance and cell phone protection — although you may have to pay a fee. To earn high interest rates on accounts, you may want to look elsewhere.

Business Insider's Blue Federal Credit Union Rating

Blue Federal Credit Union Pros and Cons

About Blue Federal Credit Union

Blue Federal Credit Union accounts are available online from around the U.S. You may also visit one of 21 branches in Colorado or Wyoming, or one of 5,000 Co-op shared branch locations. You can't open an account in a shared branch, but you can typically deposit money or make a loan payment.

In January 2024, Blue Federal Credit Union announced that the NCUA approved a merger with Aventa Credit Union. The two banks officially merged on March 1.

There are over 30,000 free ATMs in the Co-op network.

Call customer support from 7 a.m. to 6 p.m. MT on weekdays or 12 a.m to 11:59 p.m. on weekends. Chat live online Monday through Friday from 8 a.m. to 5 p.m. MT.

The Blue FCU mobile app doesn't have many online reviews yet. So far, the app has 1.8 out of 5 stars in the Apple store and 1.7 out of 5 stars in the Google Play store.

Your deposits are federally insured by the NCUA for up to $250,000, or $500,000 for joint accounts. This means your money is safe even if the credit union shuts down.

How to Join Blue Federal Credit Union

The easiest way to join Blue Federal Credit Union is probably by donating to the Blue Foundation. When you open a Blue Federal Credit Union Membership Share Savings Account account (which is mandatory for becoming a member) with $10, the credit union will keep $5 in the account and donate $5 to the foundation.

Or you may already qualify for membership if you meet one of the following criteria:

• Work for a Select Employee Group in Colorado or Wyoming
• Are a civilian, military personnel, contractor, or employee of a contractor assigned to the Francis E. Warren Air Force Base
• Are an employee for the Francis E. Warren Air Force Exchange or other activities at the base
• Are a member of the Wyoming Army National Guard, Wyoming Air National Guard, or United States Naval Reserve stationed in Wyoming
• Are an active or retired member of the U.S. Armed Forces, or are the dependent/dependent survivor of a member and are legally eligible for benefits

Is Blue Federal Credit Union Trustworthy?

Blue Federal Credit Union does not have any public controversies.

The Better Business Bureau focuses on consumer trust and rates companies based on responses to customer complaints, honest advertising, and transparency about business practices. The BBB gives Blue FCU an A+ rating.

Blue Federal Credit Union Interest Rates

Compare popular APYs (annual percentage yields) offered by Blue Federal Credit Union through Raisin:

• Blue Federal Credit Union Money Market Account: 5.15% APY
• Blue Federal Credit Union 9 Month No Penalty CD: 5.10% APY
• Blue Federal Credit Union 15 Month CD: 4.70% APY
• View all rates available through Raisin

Blue Federal Credit Union Bank Account Reviews

Blue Federal Credit Union Membership Share Savings Account

You must open a Blue Federal Credit Union Membership Share Savings Account when you join the credit union. It's a strong account overall, but it pays a low interest rate. The best high-yield savings accounts pay significantly better rates.

Blue Federal Credit Union Accelerated Savings

Blue Federal Credit Union Accelerated Savings could be a good choice for you if you're only going to put a small amount of money in your savings account. It doesn't come with any monthly maintenance fees or minimum opening deposits.

This account is a 5% interest savings account as long as you keep $1,000 or less in it. If you put more than $1,000, you'll still earn 5% APY on the first $1,000 in the account, but the interest you'll earn on the rest of your money will significantly decline — you'll earn a 1% dividend for the next $4,000 in your account, a 0.50% dividend for the following $5,000 in your account, a 0.25% dividend for the next $40,000, and only a 0.15% dividend for the rest.

Blue Federal Credit Union Sky High Savings

Blue Federal Credit Union Sky High Savings is worth considering if you already have an NOVA Perks™ by Blue Checking Account at the Elite tier, which will cost you $9 per month. This savings account, which has no monthly service fee or minimum opening deposits, has a low APY unless you also have Blue Federal Credit Union's checking account at the highest tier.

Blue Federal Credit Union Sky High Savings's base rate is 0.30% APY, which is lower than the average savings account interest rate in the U.S. Blue Federal Credit Union currently has a limited-time offer that lets you lock in a 4.50% APY for the account for six months as long as you have and maintain its NOVA Perks™ by Blue Checking Account at the Elite tier. No matter how long it's been, you'll lose that rate if you close your checking account. However, you can redeem this offer for as long as you have both accounts and Blue Federal Credit Union is offering it; if six months have passed, you can redeem it again to get another six months of high APY.

NOVA Perks™ by Blue Checking Account

The NOVA Perks™ by Blue Checking Account comes with unique perks, such as accidental death coverage, roadside assistance, and bill negotiation. The exact perks depend on which plan you choose: Basic, Premium, or Elite. Depending on which plan you choose, you could end up paying up to $9 monthly service fee for this account.

Blue Federal Credit Union Term Share Account

Blue Federal Credit Union pays decent interest rates on certificates, but the best CD rates are with other online institutions. Most banks and credit unions don't let you deposit more money after opening a CD, but you can add more to Blue FCU's 30-month CD.

Blue Federal Credit Union Frequently Asked Questions

How Blue Federal Credit Union Compares

Blue Federal Credit Union vs. Alliant Credit Union

If you want to earn a high interest rates, you'll probably prefer Alliant Credit Union. While Blue FCU has several savings accounts, the Alliant High-Rate Savings Account offers a good interest rate regardless of your account balance. Alliant also pays high certificate rates.

Blue Federal Credit Union vs. Pentagon Federal Credit Union

To earn a high rate on savings, Pentagon Federal Credit Union will likely be a more compelling choice. Blue FCU has a few savings accounts to choose from, but none pay rates as high as PenFed regardless of your account balance.

For a checking account, the best choice will depend on what you're looking for. The Pentagon Federal Credit Union Premium Online Savings Account pays 3.00% APY regardless of your account balance. But the NOVA Perks™ by Blue Checking Account offers perks like roadside assistance and cell phone protection.

Why You Should Trust Us: How We Reviewed Blue Federal Credit Union

For our Blue Federal Credit Union review, we rated bank products and services using our bank account methodology.

At Business Insider, we rate bank accounts on a scale from zero to five stars. We review different features for distinct types of bank accounts. For example, we'll look at early withdrawal penalties and CD variety specifically for CDs. Meanwhile, for checking accounts, we'll factor in the ATM network size and fees, as well as its overdraft protection options. We'll also usually examine minimum opening deposits, monthly service fees, customer support, and ethics.